:00:00. > :00:00.raising concerns over further instances of electoral fraud. Those
:00:00. > :00:21.are the latest headlines on BBC News. Now for the latest financial
:00:22. > :00:26.news, World Business Report. Of $2.6 billion for Qantas by the
:00:27. > :00:30.airline boss says the worst is over. Writing China's internet wave,
:00:31. > :00:44.profit surge at Ali Bubba as it gears up for a vast stock market
:00:45. > :00:49.debut `` riding. Welcome to World Business Report. In
:00:50. > :00:51.a moment, Israel's Hotel is demanding state compensation as
:00:52. > :01:01.visitor numbers hit a seven year low. `` Israel's Hotels. Hard times
:01:02. > :01:04.for Qantas, revealing the biggest financial loss in 94 years as it
:01:05. > :01:11.battles to restructure and stay in the air. In the year to the above
:01:12. > :01:14.June, it lost $2.6 billion US, most of it a huge charge for
:01:15. > :01:23.restructuring including thousands of redundancies that the firm has
:01:24. > :01:28.made. One of the world's oldest and most recognisable airlines is in
:01:29. > :01:32.deep trouble. Soaring fuel costings and fierce competition have resulted
:01:33. > :01:35.losses. Despite its decline, Qantas losses. Despite its decline, Qantas
:01:36. > :01:44.remains a popular institution at home. Australians want Qantas to
:01:45. > :01:49.survive. They're not afraid to fly with someone else. It's good with
:01:50. > :01:55.had an airline for some long. Pontus is allied with and rents and wants
:01:56. > :01:59.the government to relax regulations `` Qantas is allied with Emirates.
:02:00. > :02:07.Travellers continue to desert Australia's national cal `` carrier.
:02:08. > :02:10.If you look at the passenger airline miles, they are diminishing for
:02:11. > :02:19.Qantas. Where does the shrinking stop? Probably with Qantas closing
:02:20. > :02:23.or with foreign capital coming in. The aviation market in Australia is
:02:24. > :02:26.saturated and Qantas faces relentless competition on
:02:27. > :02:31.international and to match `` domestic routes. Many feel he
:02:32. > :02:37.international takeover is inevitable. Foreign ownership, look
:02:38. > :02:42.at the mining, it is owned by the Chinese. If it keeps it afloat,
:02:43. > :02:49.keeps the jobs in Australia, makes no difference. In an ultra
:02:50. > :02:54.competitive industry, Qantas' plans for a profitable future will come
:02:55. > :02:57.under scrutiny. There are those who believe that for the flying
:02:58. > :03:03.kangaroo, this could be a life or death struggle. At stake, not only
:03:04. > :03:08.thousands of jobs, but Australia's aviation restricts the ``
:03:09. > :03:11.reputation. Trade unions threaten strike actions over job cuts
:03:12. > :03:18.including in maintenance. Pilots say decisive action is needed to build a
:03:19. > :03:20.stronger airline. It needs to go through pain initially like we are
:03:21. > :03:26.going through now with the redundancies and losses. It needs to
:03:27. > :03:29.justify to the banks and to shareholders that injections of
:03:30. > :03:36.capital can re`equip the fleet so it can buy a modern aircraft. Qantas
:03:37. > :03:42.has flown for a century but is facing unprecedented challenges. For
:03:43. > :03:49.the famous flying kangaroo, the months ahead promise to be
:03:50. > :03:56.turbulent. From a struggling company to one
:03:57. > :03:58.that is the opposite, the Chinese e`commerce giant Ali Bubba has
:03:59. > :04:04.announced a surge in profits as it gears up for a massive stock market
:04:05. > :04:08.flotation in the US `` Alibaba. Profits tripled to $1.99 billion in
:04:09. > :04:16.the three months to June. Not surprising given that Ali Baba
:04:17. > :04:22.accounts for most retail sales in China. It could be worth more than
:04:23. > :04:25.$200 billion when it floats. That is more than Amazon or eBay. Good news
:04:26. > :04:30.for this man, the founder and chairman, and former college
:04:31. > :04:36.lecturer who is China's richest man according to Bloomberg billionaires
:04:37. > :04:40.index. Of course, the flotation could make him quite a bit richer.
:04:41. > :04:48.Let's get more from Rico Hizon in Singapore. Just what the company
:04:49. > :04:52.needs as it prepares to float. That's right. The firm will debut on
:04:53. > :04:58.the New York Stock Exchange later this year and it is expected to be
:04:59. > :05:03.the biggest internet stock offer since Facebook in 2012. Analyst said
:05:04. > :05:12.the company could raise over $20 billion `` analyst we're. That will
:05:13. > :05:21.make it a 200 billion dollar company, one of the 20 biggest
:05:22. > :05:32.listed. `` analysts. The main takeaway from this earnings is that
:05:33. > :05:37.Mobile monetisation is on a strong trajectory `` mobiles. Growth has
:05:38. > :05:41.slowed over the last two years due to stiff competition and major
:05:42. > :05:48.investment. The e`commerce giant is looking to develop mobile platforms
:05:49. > :05:52.as a key revenue source with people increasingly accessing the internet
:05:53. > :05:56.from smart phones and tablets. They want to compete with the likes of
:05:57. > :06:02.Facebook and Amazon in their own turf in the US markets. Thank you.
:06:03. > :06:08.We will look at that more in the run`up to the flotation. In other
:06:09. > :06:12.news, owners of hotels in Israel demand millions in compensation from
:06:13. > :06:17.the state over the conflict in Gaza. Before the ceasefire, the crisis saw
:06:18. > :06:23.visitor numbers dropped to the lowest level in seven years and it
:06:24. > :06:29.hit many businesses in Palestine that rely on tourism to the holy
:06:30. > :06:34.Over 4500 rocket launched into Over 4500 rocket launched into
:06:35. > :06:39.Israel from Gaza over 50 days of fighting kept foreign tourists awake
:06:40. > :06:43.and stopped Israelis from travelling around the country. Tourism fell by
:06:44. > :06:47.one fifth. Some of the most famous sites in Jerusalem were almost
:06:48. > :06:56.empty. How has this affected business? It has cut down on the
:06:57. > :06:59.number of terms. The groups have gotten smaller and I would not be
:07:00. > :07:05.surprised if there had been cancellations. Feeling the pain too
:07:06. > :07:12.is Israel's Hotel industry. In Tel Aviv, this hotel would normally be
:07:13. > :07:22.full. Up till last week it was hard, around 25`30 percent of
:07:23. > :07:26.occupation. Israel's government says $500 million worth of damage has
:07:27. > :07:35.been done to the industry of tourism. It is not good for tourism.
:07:36. > :07:39.In Israel, unlike Europe, high it season in tourism is in October and
:07:40. > :07:47.May not July and August so there is time to heal. It is a blow though, I
:07:48. > :07:51.don't deny it. Sunseekers in Tel Aviv had 90 seconds to find shelter
:07:52. > :07:56.when an alarm was triggered. Now, the alarms have fallen silent and
:07:57. > :08:01.beach`goers look calm. Domestic tourism was badly hit too.
:08:02. > :08:05.Businesses across Israel, directly or indirectly related to the
:08:06. > :08:11.incoming or outgoing tourism have been affected either crisis. As the
:08:12. > :08:15.ministry of tourism puts it, the longer the hostilities continue, the
:08:16. > :08:18.more the sector is affected. Even before the dust has settled, a new
:08:19. > :08:25.battle breaks out over compensation from the state. However, for
:08:26. > :08:30.Palestinians perfected beyond the separation barrier with Israel,
:08:31. > :08:38.there is no sign of compensation. In Bethlehem, souvenir shops lie empty.
:08:39. > :08:47.Since 45 days I don't sell $100. Should someone step into Seaview? ``
:08:48. > :08:51.save you? . Save me. Businesses in the holy land pray for economic help
:08:52. > :09:01.but know if the ceasefire holds it will allow a return to profit.
:09:02. > :09:05.In other stories, the trade union members in the Argentine capital
:09:06. > :09:09.have begun a 36 hour strike in protest at the government's economic
:09:10. > :09:14.policies. The cost of living is soaring for ordinary Argentines but
:09:15. > :09:18.inflation in the recession hit country is running as much as 40%
:09:19. > :09:21.each year. Argentina has been ruled in default on its debts after a
:09:22. > :09:31.legal dispute with US investors. Apple could launch an dumb at a
:09:32. > :09:35.watch `` could launch at a watch introducing the device to compete
:09:36. > :09:44.with Samsung's watch. It is a new generation iPhone
:09:45. > :09:49.six`month firm. `` phone. Let's look at Asian markets. A mixed picture.
:09:50. > :09:51.Off the back of strong figures in the US with a record close for the
:09:52. > :10:14.SNP. More later. See you soon. Britain is deeply early test towards
:10:15. > :10:18.people from private school, and Oxbridge graduates dominate senior
:10:19. > :10:23.public life. The commission found 70% of senior judges, half of the
:10:24. > :10:24.House of Lords and one third of